BlackRock Completes Acquisition of Viridium

Consortium of top-tier insurers and asset managers completes the acquisition of leading European life insurance consolidator Viridium and welcomes new investors

• Consortium consisting of Allianz, BlackRock, Generali Financial Holdings¹, Hannover Re and T&D Holdings, completes the acquisition of Viridium Group from Cinven. The transaction was originally announced on March 19, 2025
• Santander Insurance and PG3, a Swiss-based family office, will replace Hannover Re as members of the consortium by September 30, 2025
• Viridium will continue to operate as an independent, stand-alone platform for the management of closed life insurance portfolios

The consortium of top-tier insurers and asset managers, which includes Allianz, BlackRock, Generali Financial Holdings1, Hannover Re and T&D Holdings, announced today that it has completed the acquisition of Viridium Group, a leading European life insurance consolidation platform, from Cinven.

The transaction was initially announced on March 19, 2025.

The consortium further announced that Santander Insurance and PG3, the family office of the three Partners Group co-founders, will replace Hannover Re as members of the consortium by September 30, 2025.

Viridium will remain an independent stand-alone platform. Viridium’s policyholders will benefit from elevated insurance and asset management capabilities, which will also support Viridium’s ability to capitalize on the growth opportunities of a fragmented European life insurance industry.

This partnership between leading financial institutions and Viridium will contribute to the development of the European closed life market and will further provide the European insurance industry with optionality for the management of closed life books.

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About Viridium

Viridium Group is Germany’s leading life insurance consolidator with over 3.2 million contracts and c. 68 billion Euro assets under management (as per year-end 2024). With a market share of around five percent, Viridium is one of the five largest life insurers in Germany, a top 2 life consolidator in continental Europe and a top 10 life consolidator worldwide. Viridium makes existing life insurance policies more attractive and creates tangible value for its customers and shareholders. This is evidenced in improved returns, strong capitalisation, and a single, modern business platform. Therefore, it makes an important contribution to ensuring that private pension protection with life insurance remains attractive in the future. Viridium Group includes four life insurance companies: Proxalto Lebensversicherung, Entis Lebensversicherung, Heidelberger Lebensversicherung and Skandia Lebensversicherung. More than 900 employees at Viridium are committed to the interests of its customers.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers serving private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 768 billion euros* on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.9 trillion euros* of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2024, over 156,000 employees achieved total business volume of 179.8 billion euros and an operating profit of 16.0 billion euros for the group.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit https://www.blackrock.com/corporate/insights/public-policy/blackrock-in-europe

About Generali Financial Holdings

Generali Financial Holdings is a fund whose limited partners are certain Generali Group entities. Generali is one of the world’s largest insurance and asset management players. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 95.2 billion and more than € 800 billion AUM in 2024

About Hannover Re

Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present worldwide with around 3,900 staff. German business of the Hannover Re Group is written by the subsidiary E+S Rück. Established in 1966, Hannover Re is recognised as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”.

About PG3 AG

PG3 has been founded in 2013 as the Single-Family Office of the three Partners Group Co-Founders and is headquartered in Baar, Zug. Originally created to manage the founders’ private capital, PG3 has since evolved to a leading global Investor for uncorrelated returns. PG3 focuses on niche alternative asset classes that are largely uncorrelated to traditional assets – particularly in the area of Insurance Finance. The firm is committed to identifying resilient, long-duration opportunities that are independent of traditional market cycles. Today, PG3 oversees more than USD 10 billion in assets under advisory and is supported by a team of over 65 experienced professionals, including affiliated entities.

About Santander Insurance

Santander Insurance is the global insurance arm of Grupo Santander, operating within its Wealth Management & Insurance and Digital Consumer Bank divisions. Through a bancassurance model built on strategic partnerships, distribution agreements, and fully owned entities, it offers protection and savings solutions to over 23 million customers across Europe and the Americas. With a strong digital focus and presence in more than 20 countries, Santander Insurance delivers a comprehensive value proposition and differentiated customer experience. In 2024, the business delivered c.€500m in PAT, and contributed c.€3bn in gross fee income, consolidating its position as a key player in the international insurance landscape.

About T&D Holdings, Inc

T&D Holdings, Inc. is a publicly listed life insurance group consisting of three life insurers in Japan: Taiyo Life Insurance Company, Daido Life Insurance Company and T&D Financial Life Insurance Company. The group holding company, headquartered in Tokyo, Japan is listed on the Tokyo Stock Exchange with a market capitalisation of JPY 1,702 billion (c. €10.6 billion). As of March 31, 2025, T&D had total assets of JPY 16,619 billion (c. €103.9 billion). In 2020, T&D made a significant investment in Fortitude Re, a Bermuda-based insurance consolidator. T&D invested $1.2 billion in Fortitude Re through its initial investment and a follow-on capital raise in March 2022. Today, T&D holds a 26.4% stake in the business.